Dow Finishes Up 100

NEW YORK (TheStreet) -- Stocks rallied late Monday after getting a boost from FedEx's(FDX) increased guidance, as the Dow finished with a 100-point gain.

The Dow Jones Industrial Average added 101 points, or 1%, to 10,525. The S&P 500 gained 12 points, or 1.1%, to 1115, and the Nasdaq went ahead by 27 points, or 1.2%, at 2296.

"The FedEx earnings guidance in conjunction with the positive report from UPS(UPS) last week and the recent clarity from the European stress tests really helped propel markets," said Benny Lorenzo, chairman and chief executive of Kaufman Bros.

"A couple of weeks back, when markets were really getting hammered, the concern was whether earnings would come through, and so far they have. I suspect that we'll continue to see upside earnings surprises," he said, adding that he sees additional room to run higher on earnings momentum."We'll likely see some seasonal weakness in August on the dearth of information, and some people may start to worry again about a double dip, but we're not of that camp."

Overseas on Monday, Hong Kong's Hang Seng rose 0.1% and Japan's Nikkei gained 0.8%. The FTSE in London added 0.7%, and the DAX in Frankfurt was advanced 0.5%.

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